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TABS Talk – September 2024

By TABS INC OnSeptember 9, 2024 0 Comments

As a new season approaches, we’re excited to share fresh insights and essential updates to fuel your success in the U.S. market.
This edition is packed with valuable resources, from critical tax and legislative changes to must-know HR strategies.We also
explore how to optimize your brand’s packaging for maximum impact in the U.S. market. Let’s kick things off with a preview of
the upcoming events!

Best regards,
Jacob Willemsen
On behalf of the TABS Team

Interesting Events

Mark your calendar and meet us at these events!

U.S. Expansion: Trends & Opportunities

When: Tuesday, September 24th
Where: London, UKThe U.S. market offers unparalleled opportunities for UK companies to grow their businesses. With upcoming political and economic developments, understanding the landscape is crucial.

Join us for an interactive panel discussion with top industry experts followed by networking drinks.

Info & Registration »

Crossing the Bridge from NL to the USA (Greyt)

When: Thursday, October 3rd
Where: The Hague, The NetherlandsSpecifically for investors, GREYT is hosting the exclusive (live) event, Investor Quarterly. Each edition features a unique theme, with inspiring speakers taking the stage.We’re excited to join GREYT in The Hague, the Netherlands, for their upcoming event about exploring the opportunities and challenges of expanding your business to the U.S.

Info & Registration »

Update Corporate Transparency Act (CTA) – Beneficial Ownership Reporting

As of January 1, 2024, the Corporate Transparency Act (CTA) mandates that most U.S.-registered entities report their beneficial ownership information (BOIR) to the Financial Crimes Enforcement Network (FinCEN). This new rule, crucial for all U.S. entities, is designed to enhance transparency and prevent illicit activities through opaque ownership structures. Even dissolved entities may still need to comply. TABS is here to assist with your filing needs and ensure compliance with these significant new regulations. We emphasize the importance of reading the full article and learn more about the exemptions, deadlines, and how substantial control is defined.

TABS Now Offers Sales Tax Assessments

As part of our ongoing commitment to providing comprehensive and proactive financial services, we are pleased to announce an upcoming initiative to help our clients navigate the complexities of U.S. sales tax regulations. In the coming weeks, we’ll contact you to offer a sales tax assessment tailored to your company’s U.S. revenue.

HR News: Non-Compete Clauses

The FTC’s (Federal Trade Commission) final rule banning most non-competition agreements between employers and workers was scheduled to come into effect on September 4, 2024, marking a significant shift in employment law, aiming to enhance worker mobility and prevent unfair restrictions on employment. However, on August 20, 2024, the U.S. District Court for the Northern District of Texas held that the Final Rule is unlawful, barring its enforcement nationwide. For the time being, employers will not be required to issue notices to workers that existing non-compete agreements are unenforceable by September 4, 2024, and can enter into new non-compete agreements with employees, although such agreements are still subject to any requirements and restrictions by applicable state law. Our business partner Wuersch & Gering wrote an in-depth article about this.

Navigating the American Legal System

Legal matters are just one part of the recently launched Dutch Business Guide for the U.S., offering invaluable insights, and background information when expanding your business to the U.S.

Our business partner, Jan Joosten of Pierson Ferdinand LLP, has written an article especially for all our European newsletter readers, covering key tips on navigating the American legal system. This article provides essential tips, highlighting key differences in litigation, contract negotiations, and liability protection. It covers practical advice on drafting contracts, the importance of hiring an American lawyer, and strategies to limit legal risks in the U.S.

CIT 2023 Deadline

Have you already filed your Corporate Income Tax 2023?

If you requested a six-month extension to file your CIT 2023 last April, your tax return will be due October 15, 2024. State income tax deadlines usually align with federal deadlines, so this extension typically applies to both federal and state returns. We advise contacting TABS and/or a Certified Public Accountant as soon as possible to assist you with this filing.

Contact Us »

Form 5471 Requirement

IRS Enforcing Reporting Requirements for Non-U.S. Subsidiaries

U.S. corporations with a foreign parent are now required to file Form 5471 for the parent company and any subsidiary of that parent wherein the parent has a fifty percent or more ownership interest. Your company is likely required to file at least one Form 5471 as a category 5c filer with your Corporate Income Tax.

U.S. Sales Tax Exposure

Compliance Challenges for Foreign Owned Businesses

The ever-changing rates of sales tax jurisdictions and the difficult system of determining what is and is not taxable make U.S. tax compliance one of the most complex in the world. Even if the foreign company is not subject to U.S. Federal income tax, they could still be required to collect and remit sales tax depending on the policies of local state governments. Businesses in the U.S. and outside the borders are responsible for collecting sales tax in the states in which they have established nexus.

FDA Renewal Period Approaching

As the Food Facility Registration renewal period for Food and Beverage registrations quickly approaches, it’s essential for Non-US companies exporting to the U.S. to ensure they meet all regulatory requirements.

From October 1st to December 31st, the U.S. FDA mandates the renewal of existing registrations for facilities that manufacture, process, pack, or store food and beverages.

This process is crucial for maintaining the safety and integrity of products entering the U.S. market. Contact us for assistance!

BLOG: Do You Need to Make Changes to Your Brand’s Package Design to Be Successful in the U.S.?

U.S. consumers will spend about 3 seconds in front of a store shelf. You have that long to catch their attention. Package design is the most important marketing tool for standing out in the U.S. market. Do you need to adjust your package design to be successful? The short answer: Yes. Here’s a few reasons why…

Forget the “generic” American consumer.

Your U.S. audience is a diverse mix of influences and values. Embracing this diversity through elements like color, symbols, and imagery creates a deeper consumer connection.

Highlight your unique U.S. positioning.

How your brand is positioned in the U.S. might differ depending on your consumer’s needs in your category. Your packaging should efficiently convey your values and points of difference.

Embrace sincere sustainability.

U.S. consumers are increasingly concerned with sustainability. Incorporating eco-friendly materials and communicating your green values can enhance your appeal.

Updating your package design can create stopping power and increase your chances of getting noticed in a challenging marketplace. It’s important to embrace change as you embark on your journey to the U.S.

For more about updating your packaging for the U.S., read the full article.

Success Story

We chose TABS Inc. to consolidate all our back-office services under one roof, entrusting them with full responsibility. The combination of quality and affordability offered by TABS Inc. has made them a reliable partner for our business needs.

Office Suites

Ready to grow your U.S. presence? TABS also provides OFFICE SPACE for European companies looking to accelerate their U.S. operations. With our Trans-Atlantic expertise, we offer the support you need to succeed in the American market.